BROAD-BASED BLACK ECONOMIC EMPOWERMENT ACT (“THE ACT”): AFFIDAVIT In accordance with paragraph 16.21(g) and Appendix 1 to Section 11 of the JSE Limited Listings Requirements, notice is hereby given that the Company submitted a sworn affidavit to the B-BBEE commission stating that the Company qualifies as a B-BBEE small enterprise in terms of section 13G(2)…Read More
In terms of paragraph 3.4(b) of the JSE Limited Listings Requirements, a listed company is required to publish a trading statement as soon as it becomes reasonably certain that the financial results for the next period to be reported on will differ by 20% or more from the financial results for the previous corresponding period.…Read More
The Directors of SacOil are pleased to announce, in accordance with Rule 13 of the AIM Rules, that the Company has entered into an agreement with the Public Investment Corporation (SOC) Limited (“the PIC”) dated 3 December 2013 in terms of which the PIC has agreed to advance funding to the Company in the form of a convertible bridge loan facility (the “Convertible Bridge Loan”) of US$20.5m to fulfil the Group’s financing obligations relating to its assets, in advance of the Specific Issue and the receipt of funds from the Rights Offer (“the Transactions”) (as detailed in the announcement dated 12 September 2013).Read More
In terms of paragraph 3.63 – 3.65 of the JSE Limited Listings Requirements, the following information, relating to the dealings in the securities by a director, is disclosed:
Steve MullerRead More
SACOIL, the JSE- and AIM-listed independent upstream oil and gas company, on Friday received authorisation from shareholders to proceed with a rights offer and convert debt to equity.
The company said it intended to raise a maximum of R570m by way of a renounceable rights offer, following which it would convert debt totalling R238.5m in Nigeria-based infrastructure group Gairloch into equity.Read More
SacOil has received an undertaking from the PIC, the fund manager of the Government Employees Pension Fund, a 16.59% Shareholder of SacOil, in which the PIC has irrevocably agreed to support the Rights Offer up to a maximum amount of R329,211,713.
The Directors have made due and careful enquiry to confirm that the PIC is able to meet its obligations with regards to the PIC Undertaking.Read More
At the General Meeting, Mr Danladi Verheijen and Ms Lola Akinleye were appointed as non-executive Directors of the Company with effect from the Completion Date (as defined in Annexure 5 of the Circular), which is expected to be on or about Monday, 27 January 2014.
The following further information in relation to the appointments of Mr Verheijen and Ms Akinleye is disclosed in accordance with Schedule 2(g) of the AIM Rules for Companies:Read More
The pro forma financial effects of the Specific Issue and Rights Offer disclosed in the circular posted to shareholders on 7 November 2013 (the “Circular”) were based on SacOil’s published annual financial results for the year ended 28 February 2013. On 22 November 2013, SacOil published its reviewed interim results for the six months ended 31 August 2013 (“Interim Results”). As required by the JSE Limited Listings Requirements, the Company has updated the unaudited pro forma financial information relating to the Transactions.Read More
Shareholders are referred to the notice of the annual general meeting (“AGM”) attached to the integrated annual report for the year ended 28 February 2013, posted to Shareholders on 23 September 2013.
Shareholders are advised that at the AGM held today, all the ordinary and special resolutions tabled were approved by the requisite majority of votes required from Shareholders present in person or represented by proxy.Read More
SACOIL Holdings, a pan-African oil exploration company, will start generating revenue in 18 months as it starts drilling at its exploration blocks in Nigeria next year, CEO Roger Rees said on Friday.
The company recently received regulatory approval to start drilling wells in the area. Production of oil will start on the OPL 233 block in Nigeria in the last quarter of 2015.Read More